BKR - Energy stocks stumble as crude oil hits 15-month low

2023-03-15 10:45:32 ET

• Oil and gas firms registered a decline on Wednesday as crude fell to a 15-month low amid the fallout of the banking sector crisis.
• The S&P 500 Energy Index was down around 4% and sunk below the $600 mark for the first time since October.
• Major decliners include: Halliburton ( HAL ) is trading around -8% , Schlumberger ( SLB ) -6% , Baker Hughes ( BKR ) -4% and Devon Energy ( DVN ) -5% .
• Brent crude ( CO1:COM ) fell below the $75 mark, reaching a 12-month low and well below $123 seen in June 2022. April contracts of U.S. West Texas Intermediate crude ( CL1:COM ) also dipped below the $70 mark, hitting a low last seen at the close of 2021.
• The sector appears to be the latest casualty in the growing banking sector crisis, weighed down by fears that the Silicon Valley Bank ( SVB ) collapse and resulting contagion could weigh on fuel demand.
• The oil and gas sector took a beating despite upbeat data from China showing an improvement in economic activity since the end of strict COVID-19 measures.
• Credit Suisse ( CS ) shares also plunged around -15% on Wednesday and reached a record low after the bank's top shareholder ruled out offering further financial assistance to the troubled lender .
• ETFs: ( USO ), ( BNO ), ( UCO ), ( SCO ), ( DBO ), ( USL ), ( DRIP ), ( GUSH ), ( USOI ), ( NRGU )
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